Financial Statement Analysis, Fourth Edition: A Practitioner'S Guide 9780470635605 在线下载 pdf mobi 2025 epub 电子版

　　An updated guide to the essential discipline of financial

statement analysis

In Financial Statement Analysis, Fourth Edition, leading

investment authority Martin Fridson returns with Fernando Alvarez

to provide the analytical framework you need to scrutinize

financial statements, whether you're evaluating a company's stock

price or determining valuations for a merger or acquisition.

This fully revised and up-to-date Fourth Edition offers fresh

information that will help you to evaluate financial statements in

today's volatile markets and uncertain economy, and allow you to

get past the sometimes biased portrait of a company's

performance.

Reflects changes in the financial reporting landscape,

including issues related to the financial crisis of 2008-2009

Provides guidelines on how to interpret balance sheets, income

statements, and cash flow statements

Offers information for maximizing the accuracy of forecasts

and a structured approach to credit and equity evaluation

Filled with real-life examples and expert advice, Financial

Statement Analysis, Fourth Edition will help you gain a firm

understanding of the techniques that will help you interpret

financial statements, which are designed to conceal more than

reveal.

Preface to Fourth Edition.

Acknowledgments.

PART ONE Reading between the Lines.

Chapter 1 The Adversarial Nature of Financial Reporting.

The Purpose of Financial Reporting.

The Flaws in the Reasoning.

Small Profits and Big Baths.

Maximizing Growth Expectations.

Downplaying Contingencies.

The Importance of Being Skeptical.

Conclusion.

PART TWO The Basic Financial Statements.

Chapter 2 The Balance Sheet.

The Value Problem.

Comparability Problems in the Valuation of Financial Assets.

“Instantaneous” Wipeout of Value.

How Good Is Goodwill?

Losing Value the Old-Fashioned Way.

“True” Equity Is Elusive.

Pros and Cons of a Market-Based Equity Figure.

The Common Form Balance Sheet.

Conclusion.

Chapter 3 The Income Statement.

Making the Numbers Talk.

How Real Are the Numbers?

Conclusion.

Chapter 4 The Statement of Cash Flows.

The Cash Flow Statement and the Leveraged Buyout.

Analytical Applications.

Cash Flow and the Company Life Cycle.

The Concept of Financial Flexibility.

In Defense of Slack.

Conclusion.

PART THREE A Closer Look at Profits.

Chapter 5 What Is Profit?

Bona Fide Profits versus Accounting Profits.

What Is Revenue?

Which Costs Count?

How Far Can the Concept Be Stretched?

Conclusion.

Chapter 6 Revenue Recognition.

Channel-Stuffing in the Drug Business.

A Second Take on Earnings.

Astray on Layaway.

Recognizing Membership Fees.

A Potpourri of Liberal Revenue Recognition Techniques.

Fattening Earnings with Empty Calories.

Tardy Disclosure at Halliburton.

Managing Earnings with “Rainy Day” Reserves.

Fudging the Numbers: A Systematic Problem.

Conclusion.

Chapter 7 Expense Recognition.

Nortel's Deferred Profit Plan.

Grasping for Earnings at General Motors.

Time-Shifting at Freddie Mac.

Conclusion.

Chapter 8 The Applications and Limitations of EBITDA.

EBIT, EBITDA, and Total Enterprise Value.

The Role of EBITDA in Credit Analysis.

Abusing EBITDA.

A More Comprehensive Cash Flow Measure.

Working Capital Adds Punch to Cash Flow Analysis.

Conclusion.

Chapter 9 The Reliability of Disclosure and Audits.

An Artful Deal.

Death Duties.

Systematic Problems in Auditing.

Conclusion.

Chapter 10 Mergers-and-Acquisitions Accounting.

Maximizing Postacquisition Reported Earnings.

Managing Acquisition Dates and Avoiding Restatements.

Conclusion.

Chapter 11 Is Fraud Detectable?

Telltale Signs of Manipulation.

Fraudsters Know Few Limits.

Enron: A Media Sensation.

HealthSouth's Excruciating Ordeal.

Milk and Other Liquid Assets.

Conclusion.

PART FOUR Forecasts and Security Analysis.

Chapter 12 Forecasting Financial Statements.

A Typical One-Year Projection.

Sensitivity Analysis with Projected Financial Statements.

Projecting Financial Flexibility.

Pro Forma Financial Statements.

Pro Forma Statements for Acquisitions.

Multiyear Projections.

Conclusion.

Chapter 13 Credit Analysis.

Balance Sheet Ratios.

Income Statement Ratios.

Statement of Cash Flows Ratios.

Combination Ratios.

Relating Ratios to Credit Risk.

Conclusion.

Chapter 14 Equity Analysis.

The Dividend Discount Model.

The Price-Earnings Ratio.

Why P/E Multiples Vary.

The Du Pont Formula.

Valuation through Restructuring Potential.

Conclusion.

APPENDIX: Explanation of Pro Forma Adjustments for Hertz Global

Holdings, Inc./DTG.

Notes.

Glossary.

Bibliography.

About the Authors.

Index.

　　MARTIN FRIDSON is Global Credit Strategist at BNP Paribas

Investment Partners, one of the world's largest asset managers.

Over a twenty-five-year span with brokerage firms including Salomon

Brothers, Morgan Stanley, and Merrill Lynch, he became known for

his innovative work in credit analysis and investment strategy.

Fridson has served as president of the Fixed Income Analysts

Society, governor of the Association for Investment Management and

Research (now CFA Institute), and director of the New York Society

of Security Analysts.

　　FERNANDO ALVAREZ is currently an Adjunct Associate Professor

of Finance and Economics at the Columbia University Graduate

Business School, where he teaches entrepreneurship finance. From

2003 until 2008, he was associate professor in the Finance and

Economics Department and director of entrepreneurship programs at

Rutgers Business School, Newark and New Brunswick. Alvarez has

taught at New York University's Stern School of Business where he

was associate professor on innovation and entrepreneurship, and

Babson College where he was assistant professor of finance.

暂无出版社相关信息，正在全力查找中！

暂无相关书籍摘录，正在全力查找中！

在线阅读地址：Financial Statement Analysis, Fourth Edition: A Practitioner'S Guide 9780470635605在线阅读

在线听书地址：Financial Statement Analysis, Fourth Edition: A Practitioner'S Guide 9780470635605在线收听

在线购买地址：Financial Statement Analysis, Fourth Edition: A Practitioner'S Guide 9780470635605在线购买

暂无原文赏析，正在全力查找中！

书籍介绍

An updated guide to the essential discipline of financial statement analysis In Financial Statement Analysis, Fourth Edition , leading investment authority Martin Fridson returns with Fernando Alvarez to provide the analytical framework you need to scrutinize financial statements, whether you're evaluating a company's stock price or determining valuations for a merger or acquisition. This fully revised and up-to-date Fourth Edition offers fresh information that will help you to evaluate financial statements in today's volatile markets and uncertain economy, and allow you to get past the sometimes biased portrait of a company's performance. Reflects changes in the financial reporting landscape, including issues related to the financial crisis of 2008-2009 Provides guidelines on how to interpret balance sheets, income statements, and cash flow statements Offers information for maximizing the accuracy of forecasts and a structured approach to credit and equity evaluation Filled with real-life examples and expert advice, Financial Statement Analysis, Fourth Edition will help you gain a firm understanding of the techniques that will help you interpret financial statements, which are designed to conceal more than reveal.

• 作者：Chung-Wan 发布时间：2015-05-26 11:35:58

  奋战CFA的日子当时也是很充实的。1. 读过好些FSA的书，这本书的视角是比较新颖的；2. 作者一直强调去scrutinize financial statements，提醒哪些地方有雷，应该mark red flag。将scrutiny（怀疑上市公司高管的financial shenanigans）贯彻整个FSA. 3. 后面的部分感觉还是太基础了。可能对于所有的prediction来说都一样，模糊的正确>>精确的错误。

• 作者：要优雅不要污 发布时间：2022-03-27 14:37:58

  译本还是需要好翻译

• 作者：平_[bingz] 发布时间：2012-02-03 15:08:16

  大概是浪漫主义。第一部第二部比较有趣，后面没看下去。翻译有点太渣了

• 作者：雅格布 发布时间：2015-03-29 17:31:02

  书中用大量实例来讲解了一些会计中容易造价的会计准则，类似不同行业的收入确认方法，等等。读后可以让人对于财报重塑一个正确的认知观点。

  书中侧重点不是基本的会计学，而是实战中最容易被管理层忽悠的点。虽然不够十分系统，不过处处几乎都是精华。读的时候推荐做笔记，不然容易遗忘。

  作者的行业经验足以作为质量保证，把书放在工作台，时时温习。

• 作者：Yoyo 发布时间：2018-03-20 23:35:51

  书很难读，用词扭捏，可以说是英语写作书的典型反面材料，书配套的练习册不错，任务型学习也学到了不少名词。

• 作者：王多功 发布时间：2010-12-10 10:07:53

  特别烂

• 读《财务报表分析》

  作者：懒残僧 发布时间：2019-05-25 18:35:24

• 不错！

  作者：思想的沙漠 发布时间：2012-12-02 23:35:44

  只有知道幸福的婚姻，才会明白什么是不幸的婚姻。投资则是相反，只有了解各种问题，才知道什么是正常的企业运营，这本书对财务三大表“损益表”、“资产负债表”、“现金流量表”以及相关的财务知识，做了深入的剖析，并对各种财务欺诈手法进行了案例解析，对于进一步理解财务报表，做企业分析是个极好的财务知识进阶。